Apple iPhone Event: Breaking Down Apple’s iPhone Announcement, Release, Rumors and Leaks [VIDEO]

Apple Inc. (NASDAQ:AAPL) is introducing two new iPhone models at its big media event Tuesday, including its high-end iPhone 5 successor, the iPhone 5S, and the company’s long-rumored budget iPhone, the iPhone 5C.

If the rumors are true, the budget iPhone makes this announcement interesting because Apple has never introduced more than one iPhone model at a time.

Apple used to be known for secrecy ahead of any major launch, but recent leaks have made it impossible to keep new product details a secret.

Pictures and videos of the new iPhones have been released on the Internet showing a new color option for the iPhone5S, a gold "champagne" hue, and multiple bright color backings for the iPhone 5C.

Many analysts believe the budget iPhone will be marketed towards people in lower income brackets and emerging markets, chiefly China and India.

The new iPhone 5S will reportedly have longer battery life, a faster A7 processor, a new camera, slow-motion video photography, and a fingerprint sensor.